“Although central to the core purpose of superannuation, we still have not yet addressed major societal issues such as women’s economic security and older Australians’ workforce participation,” Mr Breckon said.

While the budget did specify changes to superannuation tax rates, Mr Breckon noted that finer details were missing and that some key areas were as yet unclear.

“It is critical that whichever party forms government in the following weeks consults widely and constructively with the industry to ensure clarity of purpose is achieved, as superannuation funds and financial advisers have serious obligations to fulfil to their members and clients,” he said.